Animal feed maker announces price range for IPO

By ANDREW WYRICH

STAFF WRITER |

The Record

Phibro Animal Health Corp., a Teaneck-based developer and manufacturer of nutritional and disease-preventive animal feed, Monday announced the number of shares it plans to offer and how much money it hopes to raise as part of its proposed initial public offering.

In March, Phibro said it had registered with the Securities and Exchange Commission for an IPO on the Nasdaq Stock Market, hoping to capitalize on a strong market for IPOs this year.

On Monday, Phibro said in a news release it will offer 11,765,000 shares of its common stock, with an estimated price range of $16 to $18 per share. If successful, and shares trade at the $17 midpoint, the company hopes to raise $200 million.

Phibro would be listed under the symbol PAHC and would be the third North Jersey company to go public in 2014. According to Connecticut-based IPO investment firm Renaissance Capital, Phibro is expected to price late next week.

Phibro filed with the SEC as an "emerging growth company" on Jan. 13, according to Renaissance Capital – a trend for IPOs stemming from the Jumpstart Our Business Startups Act. The law allows companies to file confidentially and to negotiate with the SEC without releasing documents.

The company intends to use the proceeds from the offering to pay outstanding debt, related fees and expenses and for general corporate purposes, according to the news release.

Phibro’s offering comes during an explosive market for IPOs. According to Renaissance Capital, 99 have been filed this year – and of those, 64 have priced, a more than twofold increase from last year at the same time. In addition, the proceeds raised in IPOs have risen 39.5 percent from the same time last year, totaling $10.6 billion.

Phibro has more than $650 million in annual sales and about 3,000 customers, according to its website.

Bank of America, Merrill Lynch, Morgan Stanley and Barclays are serving as bookrunning managers for the offering; Guggenheim Securities, Macquarie Capital, and Cantor Fitzgerald & Co. are acting as co-managers.

Animal feed maker announces price range for IPO

By ANDREW WYRICH

STAFF WRITER |

The Record

Phibro Animal Health Corp., a Teaneck-based developer and manufacturer of nutritional and disease-preventive animal feed, Monday announced the number of shares it plans to offer and how much money it hopes to raise as part of its proposed initial public offering.

In March, Phibro said it had registered with the Securities and Exchange Commission for an IPO on the Nasdaq Stock Market, hoping to capitalize on a strong market for IPOs this year.

On Monday, Phibro said in a news release it will offer 11,765,000 shares of its common stock, with an estimated price range of $16 to $18 per share. If successful, and shares trade at the $17 midpoint, the company hopes to raise $200 million.

Phibro would be listed under the symbol PAHC and would be the third North Jersey company to go public in 2014. According to Connecticut-based IPO investment firm Renaissance Capital, Phibro is expected to price late next week.

Phibro filed with the SEC as an "emerging growth company" on Jan. 13, according to Renaissance Capital – a trend for IPOs stemming from the Jumpstart Our Business Startups Act. The law allows companies to file confidentially and to negotiate with the SEC without releasing documents.

The company intends to use the proceeds from the offering to pay outstanding debt, related fees and expenses and for general corporate purposes, according to the news release.

Phibro’s offering comes during an explosive market for IPOs. According to Renaissance Capital, 99 have been filed this year – and of those, 64 have priced, a more than twofold increase from last year at the same time. In addition, the proceeds raised in IPOs have risen 39.5 percent from the same time last year, totaling $10.6 billion.

Phibro has more than $650 million in annual sales and about 3,000 customers, according to its website.

Bank of America, Merrill Lynch, Morgan Stanley and Barclays are serving as bookrunning managers for the offering; Guggenheim Securities, Macquarie Capital, and Cantor Fitzgerald & Co. are acting as co-managers.